Edit ModuleShow Tags

Ample Stocks Restrain European Gas Prices

Imports also keeping pressure on natgas prices


Published:

The U.S. Energy Information Administration (EIA) reported that natural gas prices at the United Kingdom’s National Balancing Point (NBP) trading hub were US$7.50/MMBtu in late May, a sustained low not seen since late 2010.

EIA said European gas storage levels were low heading into the 2013-14 winter but mostly recovered to normal levels by the beginning of 2014. Then Europe experienced an unusually warm winter.

Austria had its second-warmest winter on record in 247 years. Germany, the largest consumer of natural gas in Europe, had its fourth-warmest winter on record since 1881. The United Kingdom experienced its fifth warmest since 1981.

As a result, European gas storage at the end of March (the end of the withdrawal season) was 45% full out of a total capacity of 2.7 Tcf (76 x 106 m3), compared to 24% in 2013 and a 40% average for the past four years.

EIA said imports also are applying pressure on prices. Pipeline shipments from Russia have continued without interruption and mild weather in Asia has pushed more liquefied natural gas spot cargoes into Europe.

Edit ModuleShow Tags

Archive »Recent Articles

GE Breaks Ground On Welland Facility

GE has started constructing its multimodal facility in Welland, Ontario, Canada.

Roberto Chellini

It is with great sadness that we report the passing of Roberto Chellini recently in Florence, Italy. He was 82 years old.

Nat Gas Output Expected To Grow 62%

Worldwide natural gas production is expected to increase 62% by 2040, according to the U.S. Energy Information Administration’s (EIA’s) International Energy Outlook 2016 and Annual Energy Outlook 2016.

Capstone Puts Its Signature On New Order

Capstone Turbine Corp. received an order for two Signature Series microturbines (the C1000S and C600S) for an oil and gas platform off the California coast.

A New Way For Bently

New Way Air Bearings has acquired the assets of Bently Pressurized Bearing Co., Minden, Nevada.